The need for common sense

From 2012, employers have to auto-enrol their employees into either the personal accounts scheme or their own pension plan. It makes sense that any 'exempt' pension scheme is of a certain standard. However, the effect of the requirements set out in the Pensions Bill goes directly against the two main aims of pensions reform - 'to complement and not compete with the existing market' and 'to help lower and medium-earning people save for their retirement'. The Bill requires contributions to an exempt scheme to be at least equal to contributions for personal accounts - 8% of 'qualifying earni...